student loans/co-signed and uncosigned

March 26th, 2008 by Questions

If I go bankrupt, in two years, when the student loan rules change, I will have one loan that has been cosigned by my dad and two loans that are not cosigned. They are all student loans. What happens to the loans that are cosigned?

Questions

One Response to “student loans/co-signed and uncosigned”


March 27, 2008 at 7:13 am, Barton Goth GCO Bankruptcy Trustees said:

If you file bankruptcy in two years and a period of at least 7 years has elapsed from the time you last attended school (assuming the new rules have come into effect), then you will be released from all the loans (as they will be eligible for discharge), but anyone who has cosigned on these loans will still be fully responsible.

When you cosign a loan you have essentially guaranteed that the loans will be paid in full regardless of what happens to the other party (i.e. bankruptcy).

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